SINGAPORE (Commodity Online) : Gold prices surged towards an all-time record in Asian trade Monday as the dollar extended its decline against major currencies.

Bullion for immediate delivery was seen trading at $1127.90 an ounce at 12.00 noon Singapore time after hitting as high as $1,128.78 an ounce earlier in the day.

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Gold climbed to an all-time high as investors stepped up purchases of the precious metal on speculation that the US dollar will extend a decline. Silver, platinum and palladium also advanced.

The dollar fell for a second day against a basket of six currencies after a report showed Japan’s economy grew more than economists expected in the third quarter.

The dollar fell to $1.4959 per euro from $1.4903 on Nov. 13 in New York, taking its loss this year to 6.6 percent. The Dollar Index dropped for a second day.

China’s banking regulation head also warned that the continuous depreciation of the U.S. currency had “seriously affected global asset prices.” Shares in gold producers surged.

On Friday, it closed at $1,118.50 an ounce. Gold has renewed record highs for 7 days out of the past 10 sessions, during which it has risen more than 6 percent.

The previous record was $1,122.85 marked on Thursday.